Want to get into banking industry?

Question

I am 21, have had a few jobs, mainly in building, labouring(in UK and overseas). I have been to university doing a honours in Business Management but university wasn't for me, especially the one i was at!
I have always been interested i money. Have read books on stocks and investing and find it very interesting. I find myself very driven when it comes to learning new stuff.
I would like to get into Banking, what qualifications do i need? and what personal traits is best to have within banking? And how easy is it to progress up the ladder.

Thanks

Answer 1

I agree with James, there are lots of people in banking with no degrees, especially traders, some do very well indeed. The classic non-degree entry is to start in the postroom.



Apply for an entry level clerical job like data entry or settlement, do it well and you will be spotted. All our best traders were people we pulled out of the back office. You don't need a degree, you just need the right brain wiring for the job.



It helps to be really quick at mental arithmetic. The best traders know how to calculate odds really fast and can keep a very cool head in a crisis. They are usually superb poker players.

Answer 2

The route by which you get in to the industry is largely dependent upon which part of it you want to be in. Banking & Finance has a huge number of specialisations, ranging from risk management to derivatives trading and private equity. It's a good idea to firm up your aspirations - any good employer will want to see you are enthusiastic about the specific role/area you are applying for!



With that said, the fact you have done a lot of self-motivated learning is a great sign, and will definitely make you come across as an earnest candidate.



A pretty critical question for most aspects of banking is what degree class did you get? It's very difficult to get entry-level graduate positions with less than a 2:1 in any bank worth its salt. If you've got a 2:2 you may scrape some of the smaller firms or those areas which are less competitive.



I've linked a site below where you can have a look through a wide selection of graduate jobs in banking - it outlines all of the prerequisites you need, what the roles are like and directs you to the application page.



Besides needing a good Bachelors degree you do not need any other qualifications (except, sometimes, a certain amount of UCAS points and a certain grade at maths A level or GCSE). You'll be trained for any appropriate professional qualification exams during your first year or two in a new job.



Hope that helps!

Answer 3

When you say 'banking' what do you mean exactly? Commercial banking (like dealing with loaning money to businesses and people), investment banking (dealing with mergers, acquisitions and selling debt), being a trader (like working for a hedge fund or investment bank or propriety desk or trading for yourself) or being a stock broker (working for a brokerage, buying/selling stock for clients, etc.) or working on the floor of an exchange like the NYSE or futures/options exchange (running around bidding prices for commodities and stocks for clients and yourself).



If you want to be a trader (which you seem to want to be)...the only thing you need is to trade well. Hell, some of the greatest traders never finished college and some of the worst had PhD's. Trading doesn't take a degree, it takes a special person...I would suggest to start an account with your money and begin trading stocks and see how you like it and can deal with that stressful environment. It takes someone analytical, someone who doesn't tense up under pressure, and someone who can process information very quickly to determine which way the markets will move.

Answer 4

I'm in the US and have been in banking for 17 years. I can't imagine anyone choosing this field! I just kind of fell into it right after college when I was temping. There are constant layoffs, even when things are going well. One bank gobbles up another and there goes your job. I've had my job move to another state 3 times now, and every day I wonder if THIS is they day they tell my team they don't need us anymore.

Answer 5

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Answer 6

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Answer 7

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